Date of Conferral
2022
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Frank Bearden
Abstract
Family-owned businesses (FOBs) have been an important economic force in the United States for many centuries, yet only 30% of FOBs survive the second generation. Family business owners want their businesses to survive and remain in the family. Through the prism of the socioemotional wealth theory, the aim of this qualitative multiple case study was to explore strategies family-owned small business owners use to transfer the entity to members of their family. Seven family business owners from the U.S. state of Alabama provided the primary data for this study via their participation in semistructured interviews. Thematic analysis was used to analyze the data, and four themes emerged: identifying a family member interested in the business, grooming family members, generational wealth, and familial reputation. A key recommendation is for family business owners to elevate and train the person within the family who has a deep interest in continuing the business operation. The implications for positive social change include the potential for more jobs, local government’s revenue base increases, sales tax and income tax increases, and more funds become available for new community projects such as roads, community centers, and other social development projects.
Recommended Citation
Clennon, Paul Andrew, "Strategies for Family-Owned Small Business Succession Planning" (2022). Walden Dissertations and Doctoral Studies. 12659.
https://scholarworks.waldenu.edu/dissertations/12659
